TA: Why Bitcoin Still At Risk of A Fresh Decline Below $29K

Bitcoin attempted a recovery wave above the $30,000 resistance against the US Dollar. BTC is struggling near $31,000 and might start a fresh decline. Bitcoin recovered above the $30,000 level but struggled above $31,000. The price is now well above the $30,000 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline if it clears the $30,000 support zone Bitcoin Price Faces Hurdles Bitcoin price started a decent recovery wave from the $25,000 support zone. BTC gained pace for a move above the $28,000 level and the 100 hourly simple moving average. It even cleared the $30,000 resistance zone. However, the bulls struggled to stay in action above the $31,000 level. A high is formed near $31,390 and the price is now slowing moving lower. There was a move below the $31,000 level. Bitcoin moved below the 23.6% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high. The price is now approaching the $30,400 support. There is also a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair. The next major support is near the $30,000 zone. It is near the 50% Fib retracement level of the upward move from the $28,600 swing low to $31,390 high. Source: BTCUSD on TradingView.com A downside break and close below the $...